XFree86 4.3.0 was released today and the Arch package is ready to go. The new version of Xfree86 now has xft2 and fontconfig built in, so if you've already got these packages installed on your system, you will get a package conflict error when you try to --sysupgrade with pacman.
You can fix this by removing the xft2 and fontconfig (ignoring dependencies) and then re-running --sysupgrade.
You might get a couple file conflicts as well, but these are just leftover cache files from the fontconfig package. If they're fonts.cache-1 files, you can safely --force them.
# pacman -Rd xft2 fontconfig # pacman -Syu